TORONTO--(BUSINESS WIRE)--
Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”)
provided a corporate update and announced today the filing of its
audited consolidated financial statements as at and for the three and
six months ended June 30, 2018 (the “Q2 2018 Financial Statements”), and
the Management’s Discussion & Analysis related thereto (the “Q2 MD&A”),
which are available on SEDAR and at www.aldridgeminerals.ca.
All dollar amounts, unless otherwise indicated, are reported in U.S.
dollars.

Corporate Update

The Company’s Independent Committee’s independent and disinterested
directors continue to lead and facilitate the process to obtain and
evaluate financing and other strategic alternatives to address the
Company’s liquidity needs, including refinancing or extending its
$40,000,000 secured credit facility with Banka Kombetare Tregtare sh.a.
(“BKT”) which matures on September 16, 2018. The Company has no
immediate source of liquidity other than its cash and cash equivalents
on hand ($1,209,060 at June 30, 2018) and needs to secure additional
financing to repay its BKT credit facility on September 16, 2018 and to
satisfy its projected expenses after September 30, 2018. There can be no
assurance of the success or sufficiency of refinancing the BKT credit
facility or obtaining the additional financing required to realize the
economic value of the Yenipazar Project.

Selected Financial Information

The following table provides selected consolidated financial information
that should be read in conjunction with the Q2 2018 Financial Statements
of the Company.

SIX MONTHS

SIX MONTHS

YEAR

ENDED AND AS AT

ENDED AND AS AT

ENDED AND AS AT

JUNE 30,

JUNE 30,

DECEMBER 31,

2018

2017

2017

Loss before income tax and

discontinued operations

$

(1,234,942

)

$

(1,190,248

)

$

(2,308,415

)

Net loss

(1,234,942

)

(1,190,248

)

(2,308,415

)

Net loss per share

(0.01

)

(0.01

)

(0.02

)

Cash and cash equivalents

1,209,060

4,999,772

2,551,079

Working capital(iii)

(49,915,573

)

4,311,164

(45,107,450

)

Total assets

60,317,825

58,101,013

59,235,081

Total non-current liabilities(iv)

191,349

45,528,657

1,112,873

(i) Working capital equals current assets less current liabilities, and
is a non-GAAP measure used by management.

Aldridge is a development-stage mining company focused on its wholly
owned and permitted Yenipazar polymetallic VMS Project (Gold, Silver,
Copper, Lead, and Zinc) in Turkey. Aldridge completed the Yenipazar
Optimization Study and filed the related NI 43-101 compliant technical
report in May 2014, which updated the original May 2013 Feasibility
Study. The Optimization Study demonstrated that the Yenipazar Project is
highly robust with an after-tax NPV of US$330 million at a 7% discount
rate and an after-tax IRR of approximately 32%. The Company is currently
advancing the Yenipazar Project with a focus financing.

Caution Regarding Forward-Looking Information

This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from those
expressed in such forward-looking statements. When used in this press
release, words such as “proposed”, “may”, “would”, “could”, “will”,
“expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and
other similar expressions are intended to identify forward-looking
statements. Such risks, uncertainties and factors, include, but are not
limited to, the ability of the Company to raise additional debt, equity
or other financing on acceptable terms or at all; the ability of the
Company to pay its outstanding debts when due, including its secured
term credit facility, which matures on September 16, 2018; the risk that
the Company’s failure to raise additional capital, re-finance its
existing secured indebtedness and satisfy the Company’s obligations to
its creditors when due will have a material adverse effect on the
Company’s liquidity, capital resources, results of operations, assets,
properties and prospects, and its ability to retain control of, and
otherwise advance the development of, its Yenipazar Project in Turkey,
including as a result of the possible acceleration of the Company’s
secured indebtedness upon maturity and the exercise by the Company’s
lenders of remedies under security granted by the Company and its
subsidiaries for its obligations under that indebtedness; economic
performance; mineral prices; the future plans and objectives of the
Company; and the other factors discussed under the heading “Risk
Factors” in the Company’s Management’s Discussion and Analysis for the
year ended December 31, 2017 and in other continuous disclosure filings
made by the Company with Canadian securities regulatory authorities and
available at www.sedar.com.
Any number of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results.

Forward-looking information is based on a number of factors and
assumptions which have been used to develop such information but which
may prove to be incorrect, including, but not limited to, assumptions in
connection with the continuance of Aldridge and its subsidiaries as a
going concern, general economic, political and market conditions,
mineral prices, and the accuracy of mineral resource estimates. Although
Aldridge believes that the assumptions and factors used in making the
forward-looking statements are reasonable, undue reliance should not be
placed on these statements, which only apply as of the date of this news
release, and no assurance can be given that such events will occur in
the disclosed time frames or at all. Aldridge disclaims any intention or
obligation to update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise unless required
by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news release.